Besides above mentioned illicit activities, Silk Road (now defunct) [1]} was an online marketplace that exploited cryptocurrency functionalities. Within a short span of time after its creation, the silk road became a popular hub for payments for drugs trading, buying selling stolen and smuggled goods, and even contract killing. The case of the silk road was in a major way responsible for linking Bitcoin as a facilitator for criminal activities among the general populace. In the case of the silk road marketplace, the USA government successfully shut down the website as its founder was an American citizen himself. However, this has not prevented the opening of similar other services. Therefore, the identification of the users carrying out illicit activities is not enough. There is a need to implement additional functionality within the blockchain to prevent such users from exploiting blockchain functionalities.
